The first crypto-banks are being registered in Belarus.

Belarusian authorities have approved the registration of the first two "crypto-banks," though officials have not yet disclosed the names of the organizations. A crypto-bank is a licensed financial institution that deals with digital assets in addition to performing traditional banking operations.

Such a state-regulated entity can provide cryptocurrency custody services, issue loans secured by digital assets, and issue payment cards for purchasing goods and services that convert crypto-assets into fiat currency.

The decision to register the unnamed crypto-banks was made by the Supervisory Board of the High-Tech Park (HTP). The legal status of crypto-banks was established in January by a decree from President Alexander Lukashenko, with the document's main provisions entering into force on July 18.

The registration of these crypto-banks does not mean they can begin operations immediately. First, the organizations must register as residents of the High-Tech Park, then obtain accreditation from the National Bank of Belarus and be listed in its special registry. Crypto-banks are subject to dual oversight: they must comply with regulations applicable to non-bank credit and financial organizations while simultaneously meeting the requirements of the HTP Supervisory Board.

"The organizations that applied for crypto-bank status have already assembled teams of specialized experts, established the necessary IT infrastructure, and undergone technical and legal audits. The companies planning to become crypto-banks are well-known players within the HTP and the cryptocurrency market, possessing extensive practical experience in this field," stated Dmitry Kalechits, First Deputy Head of the HTP Supervisory Board Secretariat.

In April, the National Bank of Belarus announced plans to limit the number of crypto-assets allowed on the legal market to approximately 25 coins, including Bitcoin and Ether. The list will be reviewed depending on market conditions. At the same time, the Central Bank does not plan to authorize stablecoins pegged to the Belarusian ruble.